Ardmore Shipping (NYSE:ASC) Shares Down 2.7% – Time to Sell?

Ardmore Shipping Co. (NYSE:ASC) shares traded down 2.7% during mid-day trading on Tuesday . The company traded as low as $13.15 and last traded at $13.23. 105,047 shares traded hands during mid-day trading, a decline of 85% from the average session volume of 710,193 shares. The stock had previously closed at $13.60.

Analyst Ratings Changes

A number of analysts have commented on the stock. StockNews.com downgraded shares of Ardmore Shipping from a “buy” rating to a “hold” rating in a research report on Wednesday, September 25th. Stifel Nicolaus cut Ardmore Shipping from a “buy” rating to a “hold” rating and decreased their target price for the stock from $24.00 to $17.00 in a report on Wednesday, October 23rd. Fearnley Fonds upgraded Ardmore Shipping to a “hold” rating in a research report on Friday, September 27th. Finally, Jefferies Financial Group reduced their price objective on shares of Ardmore Shipping from $20.00 to $17.00 and set a “buy” rating for the company in a research note on Thursday, November 14th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $20.00.

Ardmore Shipping Stock Down 4.9 %

The firm has a market cap of $541.02 million, a PE ratio of 3.62 and a beta of 0.28. The company has a debt-to-equity ratio of 0.03, a current ratio of 3.57 and a quick ratio of 3.26. The business has a fifty day moving average price of $11.96 and a two-hundred day moving average price of $16.23.

Ardmore Shipping Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Friday, November 29th were issued a $0.18 dividend. The ex-dividend date of this dividend was Friday, November 29th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 5.57%. Ardmore Shipping’s dividend payout ratio is 20.17%.

Institutional Investors Weigh In On Ardmore Shipping

A number of institutional investors have recently modified their holdings of the stock. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Ardmore Shipping during the second quarter worth $29,000. Charles Schwab Investment Management Inc. grew its stake in shares of Ardmore Shipping by 1.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 99,389 shares of the shipping company’s stock valued at $1,799,000 after buying an additional 1,302 shares in the last quarter. Franklin Resources Inc. raised its position in Ardmore Shipping by 3.0% during the third quarter. Franklin Resources Inc. now owns 44,482 shares of the shipping company’s stock valued at $769,000 after acquiring an additional 1,304 shares in the last quarter. GAMMA Investing LLC increased its stake in shares of Ardmore Shipping by 261.1% during the 4th quarter. GAMMA Investing LLC now owns 2,116 shares of the shipping company’s stock worth $26,000 after purchasing an additional 1,530 shares during the last quarter. Finally, Private Trust Co. NA acquired a new stake in shares of Ardmore Shipping in the 3rd quarter valued at $31,000. Institutional investors and hedge funds own 62.22% of the company’s stock.

Ardmore Shipping Company Profile

Ardmore Shipping Corporation engages in the seaborne transportation of petroleum products and chemicals worldwide. The company's fleet consists of 22 owned vessels including 21 Eco-design and 1 Eco-mod vessel, and four chartered-in vessels. It serves oil majors, oil companies, oil and chemical traders, chemical companies, and pooling service providers.